Diamond Jubilee Celebrations of National Maritime Day: India scales new heights, set to be world leader in maritime infrastructure | See Photos1/10 The Grand Finale of Diamond Jubilee of National Maritime Day was held at Domestic Cruise Terminus, Mumbai with ‘Amrit Kaal in shipping’ as its theme. The day is celebrated to commemorate the embarkation of the first Indian-owned vessel “S S Loyalty” on her maiden voyage from Mumbai to London, on April 5 in 1919. Eminent maritime personalities from India and abroad and seafarers and their families participated in the colourful event held in Mumbai on Wednesday.2/10 The Chief Guest for the function was function was Minister for Infrastructure and Water Management, Kingdom of the Netherlands Mark Harbers, and the event was presided over by Union Minister of State for Ports, Shipping and Waterways, Shantanu Thakur. The Minister for Infrastructure and Water Management, Netherlands, extended his greetings and best wishes to the seafarers and Indian maritime fraternity. He said that India is a key maritime player, like the Netherlands. The Union Minister of State for Ports, Shipping and Waterways congratulated all stakeholders of maritime fraternity on the occasion. In 2021, Prime Minister Narendra Modi announced a 10 year blueprint. And this Maritime India Vision 2030 aims to overhaul the Indian maritime sector. And almost Rs 3 lakh crore investments is planned in various ports projects across the country and will help to generate employment for 20 lakh people. In his written message, Union Minister Sarbananda Sonowal said efforts should be made to make India a world leader in maritime infrastructure. In 1919, it was on this day the first Indian commercial vessel had set sail from Mumbai to London — SS Loyalty, of Scindia Steam Navigation Company Ltd. This was also the first ever largest large scale shipping company which was entirely owned by Indians. Director General of Shipping, Rajiv Jalota reminded all stakeholders of the past glory and dominance of India in shipping and seaborne trade. This event was witnessed by the special invitees of Ministry of Ports, Shipping & Waterways and Minister of Infrastructure and Water Management and delegates from Kingdom of the Netherlands, delegates from Royal Danish Embassy, officers and staff of Ministry of Ports, Shipping and Waterways, DG Shipping, SCI, IRS, Ports and all other departments of Government of India and state governments. April 5, 1964, was identified to spread awareness about intercontinental commerce and economy globally. This day is dedicated to the importance of maritime trade in India, as it holds a very strategic location.
However, that doesn’t take into account the fact that geopolitical tensions on the Middle East are undeniably rising again which will mean limited downside.”
In the U.S., oil drilling rigs were up by one at 501 last week, Baker Hughes said in its weekly report.JPMorgan forecasted 26 oil rigs to be added this year, most of them in the Permian during the first half of the year.
“The timing of drilling is paramount, as rig additions at the start of the year will contribute to 2H24 production growth,” the bank’s analysts said in a note.
“Despite an impressive 1 mbd of crude and condensate production growth in 2023, we expect 2024 supply to increase by only 400 kbd due to lower completions activity levels vs 2023.”